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Don’t double dip your deductions this tax time
Posted by Team AVS on 27 May, 2022 0 CommentsThe Australian Taxation Office (ATO) is reminding people not to make the mistake of double dipping their deductions in their tax return this year.
Assistant Commissioner Tim Loh explained “Around 8.4 million Australians claimed nearly $19.8 billion in work-related expenses in 2021. That’s a lot of deductions so we want to make sure you get it right the first time. It’s important you claim what you’re entitled to – no more, no less.
Since the SMSF member limits recently increased from four to six, larger families may be considering having one large superannuation fund for all family members.
Interestingly, recent ATO statistics tell us that the SMSF population comprises of 24% single member funds and 69% two member funds and the balance are three-member funds (3%) and four-member funds (4%). These statistics indicate that more than 93% of SMSFs have two members or less, s
Interestingly, recent ATO statistics tell us that the SMSF population comprises of 24% single member funds and 69% two member funds and the balance are three-member funds (3%) and four-member funds (4%). These statistics indicate that more than 93% of SMSFs have two members or less, s
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